New FBAR Filing Deadline

On July 31^st, H.R. 3236, the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, was signed into law.  This has caused major changes to important tax filing deadlines.  These changes will affect broad categories of taxpayers for tax years beginning after December 31, 2015.

Here is one of the the major changes that you need to be aware of:

New FBAR Filing Deadline

This bill also changes the due date for Foreign Bank Account Reports (FBARs), syncing them up with the due dates for individual return filings.  Beginning in 2016, the due date for FBAR forms (FinCen Form 114) will be April 15^th. [i]  The bill also provides for an extension of up to six months to file the FBAR, until October 15^th, [ii] to match the final due date for individual returns.

In a bit of good news, the bill also codifies a first time penalty abatement for taxpayers that fail to file the FBAR or to timely request an extension. [iii]  This clarifies the IRS’s discretion to waive the FBAR filing penalties.

 

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[i] Id., Sec. 2006(a)(2)(b)(11)

[ii] Id.

[iii] Id.

Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, Pub. L. No. 114-41, https://www.congress.gov/bill/114th-congress/house-bill/3236/text.​